Financial Institutions Supporting SMEs Return Executive Salaries to Aid Vulnerable Groups

President and Executives of Credit Guarantee Foundation Central Association Practice Sharing with Socially Vulnerable Groups

Kim Byung-geun, President of the Korea Credit Guarantee Fund Central Association

[Asia Economy Reporter Kim Cheol-hyun] Executives of financial institutions supporting small and medium-sized enterprises and small business owners have returned their salaries to support vulnerable groups struggling due to the novel coronavirus infection (COVID-19).

The Korea Credit Guarantee Fund Central Association (hereinafter referred to as the Central Association) announced on the 28th that the salaries returned by executives over the past four months will be used to support socially vulnerable groups. To overcome the damage caused by COVID-19, from April to July, Chairman Kim Byung-geun returned 30% of his salary, and executives returned 10% of their salaries.

With the funds raised through this, the Central Association supports social welfare facilities facing difficulties in operation due to the spread of COVID-19 infection. They decided to send goods worth 14.17 million KRW, including livestock products, electronic devices, and furniture, in celebration of Chuseok. Chairman Kim and other executives also promised to donate 10 million KRW in year-end and New Year donations to help neighbors in need as part of their continuous practice of sharing management.

Chairman Kim said, "Due to the prolonged COVID-19 situation, we decided to provide support before Chuseok to offer practical help to vulnerable groups desperately in need of assistance," adding, "We will do our best to alleviate the financial difficulties of self-employed people and small business owners struggling with management due to the prolonged COVID-19."

Earlier, the Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter referred to as Kibo) also donated 59 million KRW collected by returning part of the salaries and management evaluation performance bonuses of all executives, including Chairman Jeong Yun-mo, to the Busan Community Chest of Korea.

The donated funds were used to support local traditional markets, small business owners, and vulnerable groups suffering from COVID-19, typhoons, and monsoons. They donated 27 million KRW in Onnuri gift certificates to welfare facilities in the Busan area, 20 million KRW to support the Busan Nam-gu Disabled Welfare Center, and 12 million KRW to a Save the Children charity event jointly sponsored by Kibo and four other institutions in the Busan area.

Chairman Jeong Yun-mo of Kibo said, "We delivered the donation with the hope of sharing the difficulties of local residents and helping overcome the crisis," adding, "We will continue to pay attention to overcoming COVID-19 and take the lead in realizing social value as a public institution."

This content was produced with the assistance of AI translation services.